Lamda Development S.A. — Interim / Quarterly Report 2011

Sep 22, 2015

LAMDA Development S.A.

Condensed consolidated and company interim financial statements in accordance with International Financial Reporting Standards («IFRS»)

(1 January – 31 March 2011)

LAMDA Development S.A.

37A Kifissias Ave., 15123, Maroussi

These financial statements have been translated from the original statutory financial statements that have been prepared in the Greek language. In the event that differences exist between this translation and the original Greek language

financial statements, the Greek language financial statements will prevail over this document.

31 March 2011

	Balance Sheet	2
	Income Statement	3
	Total Comprehensive Income Statement	3
	Statement of changes in equity	4
	Cash Flow Statement	5
	Notes to the condensed consolidated and Company interim financial statements	7
1.	General information	7
2.	Basis of preparation and summary of significant accounting policies	7
3.	Segment information	10
4.	Investment property	12
5.	Property, plant and equipment	12
6.	Intangible assets	13
7.	Investments in subsidiaries and associates	14
8.	Available-for-sale financial assets	15
9.	Derivative financial instruments	16
	10. Cash and cash equivalents	16
	11. Borrowings	17
	12. Cash generated from operations	18
	13. Commitments	19
	14. Contingent liabilities and assets	19
	15. Related party transactions	20
	16. Earnings per share	21
	17. Fiscal years unaudited by the tax authorities	22
	18. Number of employees	23
	19. Events after the balance sheet date	23
	20. Seasonality	23

Balance Sheet

		GROUP		COMPANY
all amounts in € thousands	Note	31.3.2011	31.12.2010	31.3.2011	31.12.2010
ASSETS
Non-current assets
Investment property	4	643.580	643.580	1.840	1.840
Property, plant and equipment	5	43.484	43.994	577	595
Intangible assets	6	4.274	4.309	-	-
Investments in subsidiaries	7	-	-	219.403	217.992
Investments in associates	7	4.722	4.414	1.929	1.929
Available-for-sale financial assets	8	58.089	53.586	58.089	53.586
Derivative financial instruments	9	1	1	-	-
Deferred income tax assets		820	972	-	356
Trade and other receivables		7.591	7.591	81.972	80.944
		762.561	758.446	363.811	357.241
Current assets
Inventories		133.507	133.361	-	-
Trade and other receivables		45.978	42.506	20.444	17.147
Current income tax assets		6.890	6.752	6.235	6.123
Cash and cash equivalents	10	144.450	150.283	74.811	79.094
		330.825	332.902	101.490	102.364
Total assets		1.093.385	1.091.348	465.301	459.606
EQUITY
Capital and reserves attributable to equity holders of the company
Ordinary shares		220.732	220.732	220.732	220.732
Other reserves		(8.595)	(15.189)	(12.557)	(17.673)
Retained earnings		190.984	185.579	24.702	22.962
		403.122	391.122	232.876	226.021
Minority interest in equity		11.920	12.007	-	-
Total equity		415.042	403.129	232.876	226.021
LIABILITIES
Non-current liabilities
Borrowings	11	568.706	571.037	220.000	220.000
Deferred income tax liabilities		59.286	58.264	145	-
Derivative financial instruments	9	623	2.358	173	939
Retirement benefit obligations		613	613	502	502
Other non-current liabilities		4.388	4.309	-	-
		633.615	636.581	220.820	221.442
Current liabilities
Trade and other payables		29.696	34.620	11.604	12.143
Current income tax liabilities		1.178	3.418	-	-
Derivative financial instruments	9	575	1.082	-	-
Borrowings	11	13.279	12.518	-	-
		44.727	51.638	11.604	12.143
Total liabilities		678.343	688.219	232.424	233.585
Total equity and liabilities		1.093.385	1.091.348	465.301	459.606

These condensed consolidated and Company interim financial statements of LAMDA Development SA have been approved for issue by the Company's Board of Directors on May 26, 2010.

Condensed interim financial statements 31 March 2011

Income Statement

			GROUP		COMPANY
Continuing operations (all amounts in € thousands)	Note		1.1.2011 to 31.3.2011 1.1.2010 to 31.3.2010 1.1.2011 to 31.3.2011 1.1.2010 to 31.3.2010
Revenue		20.211	20.193	332	281
Dividends		3.422	3.419	3.422	3.419
Cost of inventory sales		(423)	(606)		- -
Other direct investment property expenses		(6.139)	(4.788)		- -
Employee benefit expense		(1.979)	(2.008)	(1.203)	(1.366)
Depreciation of property, plant, equipment and intangible assets		(630)	(579)	(46)	(42)
Operating lease payments		(1.941)	(1.566)	(267)	(271)
Contracting cost		(53)	(64)		- -
Other operating income / (expenses) - net		(1.076)	(1.503)	(441)	(428)
Operating profit		11.392	12.498	1.798	1.592
Finance income		998	1.037	2.114	2.095
Finance costs		(5.769)	(5.474)	(1.825)	(1.450)
Share of profit of associates	7	308	659		- -
Profit before income tax		6.928	8.719	2.087	2.237
Income tax expense	17	(1.435)	(1.536)	(347)	(48)
Profit for the period		5.493	7.183	1.740	2.189
Attributable to:
Equity holders of the Company		5.619	6.085	1.740	2.189
Minority interest		(126)	1.099		- -
		5.493	7.183	1.740	2.189
Earnings per share from continuing operations for profit attributable to the equity holders of the Company during the year (expressed in € per share)
Basic	16	0,14	0,15	0,04	0,05
Diluted	16	0,14	0,15	0,04	0,05

Total Comprehensive Income Statement

		GROUP		COMPANY
Continuing operations (all amounts in € thousands)	1.1.2011 to 31.3.2011 1.1.2010 to 31.3.2010 1.1.2011 to 31.3.2011 1.1.2010 to 31.3.2010
Profit for the period	5.493	7.183	1.740	2.189
Profit / (loss) from revaluation of available-for-sale assets	4.503	(10.419)	4.503	(10.419)
Profit / (loss) from cash flow hedges, after tax	1.794	(1.184)	613	(550)
Currency translation differences	84	291	-	-
Other comprehensive income for the period	6.381	(11.312)	5.116	(10.969)
Total comprehensive income for the period	11.874	(4.129)	6.856	(8.781)
Attributable to:
Equity holders of the Company	12.000	(5.271)	6.856	(8.781)
Minority interest	(126)	1.142	-	-
	11.874	(4.129)	6.856	(8.781)

Statement of changes in equity

		Attributable to equity holders of the Company
all amounts in € thousands	Share capital	Other reserves	Retained earnings/(losses)	Total	Minority interests	Total equity
GROUP
1 Janouary 2010	217.669	4.157	224.654	446.479	40.240	486.719
Total Income :
Profit for the period	-	-	6.085	6.085	1.099	7.183
Other comprehensive income for the period: Loss from revaluation of available-for-sale assets	-	(10.419)	-	(10.419)	-	(10.419)
Cash flow hedges, after tax	-	(1.193)	-	(1.193)	9	(1.184)
Currency translation differences	-	257	-	257	34	291
Total comprehensive income for the period	-	(11.355)	6.085	(5.271) -	1.142	(4.129) -
Transactions with the shareholders:
Treasury shares purchased	(294)	-	-	(294)	-	(294)
31 March 2010	217.375	(7.198)	230.739	440.915	41.382	482.297
1 January 2011	220.732	(15.189)	185.579	391.122	12.007	403.129
				-		-
Total Income : Profit for the period	-	-	5.619	5.619	(126)	5.493
Other comprehensive income for the period:
Profit from revaluation of available-for-sale assets	-	4.503	-	4.503	-	4.503
Cash flow hedges, after tax Currency translation differences	- -	1.794 84	- -	1.794 84	- -	1.794 84
Total comprehensive income for the period	-	6.381	5.619	12.000 -	(126)	11.874 -
Transactions with the shareholders:
Increase in subdiaries' participation					39	39
Other reserves	-	213	(213)	-	- -	-
31 March 2011	220.732	(8.595)	190.984	403.122	11.920	415.042
					Retained
all amounts in € thousands		Share capital	Other reserves		earnings/(losses)	Total equity
COMPANY
1 Janouary 2010		217.669	2.413		21.058	241.140
Total Income :
Profit for the period		-		-	2.189	2.189
Other comprehensive income for the period:
Cash flow hedges, after tax		-	(550)		-	(550)
Loss from revaluation of available-for-sale assets		-	(10.419)		-	(10.419)
Total comprehensive income for the period		-	(10.969)		2.189	(8.781)
Transactions with the shareholders:
Treasury shares purchased		(294)		-	-	(294)
31 March 2010		217.375	(8.556)		23.247	232.065
1 January 2011		220.732	(17.673)		22.962	226.021
Total Income :
Profit for the period		-		-	1.740	1.740
Other comprehensive income for the period:
Cash flow hedges, after tax		-	613		-	613
Profit from revaluation of available-for-sale assets		-	4.503		-	4.503
Total comprehensive income for the period		-	5.116		1.740	6.856
31 March 2011		220.732	(12.557)		24.702	232.876

Cash Flow Statement

		GROUP			COMPANY
all amounts in € thousands	Note	1.1.2011 to 31.3.2011	1.1.2010 to 31.3.2010	1.1.2011 to 31.3.2011	1.1.2010 to 31.3.2010
Cash flows from operating activities
Cash generated from operations	12	2.215	3.642	(1.674)	(3.682)
Interest paid		(5.797)	(5.414)	(1.865)	(1.450)
Income tax paid		(1.374)	(1.643)	(111)	(815)
Net cash generated from operating activities		(4.955)	(3.415)	(3.651)	(5.947)
Cash flows from investing activities
Purchases of property, plant and equipment	5	(86)	(1.551)	(29)	(50)
Interest received		868	622	807	1.168
Loan repayments received from related parties		-	-	-	378
Purchases of available-for-sale financial assets	8	-	(166)	-	(166)
Increase in participations	7	-	-	(1.411)	(2.228)
Net cash used in investing activities		782	(1.095)	(633)	(898)
Cash flows from financing activities
Purchase of treasury shares		-	(294)	-	(294)
Dividends paid to Company's shareholders		-	(8)	-	(8)
Increase in ordinary shares of subsidiaries		30	-	-	-
Borrowings received	11	-	188	-	-
Repayments of capital repayments of finance leases	11	(190)	(188)	-	-
Repayments of borrowings	11	(1.499)	(599)	-	-
Net cash used in financing activities		(1.659)	(900)	-	(302)
Net decrease in cash and cash equivalents		(5.833)	(5.410)	(4.284)	(7.146)
Cash and cash equivalents at beginning of the period	10	150.283	216.658	79.094	148.732
Cash and cash equivalents at the end of the period	10	144.450	211.248	74.811	141.585

Notes to the condensed consolidated and Company interim financial statements

1. General information

These condensed interim financial statements include the interim financial statements of the company LAMDA Development S.A. (the "Company") and the interim consolidated financial statements of the Company and its subsidiaries (together "the Group") for the period ended March 31, 2011. The names of the subsidiaries are presented in note 7 of these financial statements.

The main activities of the Group are the investment, development and maintenance of innovative real estate projects and marine services.

The Group is activated in Greece and in other neighbour Balkan countries mainly Romania, Bulgaria, Serbia, Montenegro and its shares are listed on the Athens Stock Exchange.

The Company is incorporated and domiciled in Greece. The address of its registered office is 37A Kifissias Ave., 15123, Maroussi and its website address is www.Lamda-development.net. The company is controlled by Consolidated Lamda Holdings S.A. which is domiciled in Luxembourg and therefore Group's financial statements are included in its consolidated financial statements. The company Consolidated Lamda Holdings S.A. is controlled by Latsis family.

These financial statements have been approved for issue by the Board of Directors on May 26, 2011.

2. Basis of preparation and summary of significant accounting policies

2.1 Basis of preparation

The interim financial information of LAMDA Development SA cover the three month period ended 31 March 2011. It has been prepared in accordance with International Accounting Standard ("IAS") 34, "Interim Financial Reporting" and should be read in conjunction with the annual financial statements for the year ended 31 December 2010 which are available on the website address www.Lamdadevelopment.net.

2.2 Accounting policies

The accounting principles that have been used in the preparation and presentation of the interim financial statements are in accordance with those used for the preparation of the Company and Group annual financial statements as of December 31, 2010.

The preparation of financial information in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. Moreover, the use of estimates and assumptions that have an influence on the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of preparation of financial information and the reported income and expense amounts during the reporting period, are required. Although these estimates are based on the best possible knowledge of management with respect to the current conditions and activities, the real results can eventually differ from these estimates.

New standards, amendments to standards and interpretations: Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning from January 1, 2011. The Group's evaluation of the effect of these new standards, amendments to standards and interpretations is that they will not have a material impact on the Group's financial statements.

IAS 24 (Revised) "Related Party Disclosures"

This amendment attempts to reduce disclosures of transactions between government-related entities and clarify related-party definition. More specifically, it removes the requirement for governmentrelated entities to disclose details of all transactions with the government and other government-related entities, clarifies and simplifies the definition of a related party and requires the disclosure not only of the relationships, transactions and outstanding balances between related parties, but of commitments as well in both the consolidated and the individual financial statements. This revision does not affect the Group's financial statements.

IAS 32 (Amendment) "Financial Instruments: Presentation"

This amendment clarifies how certain rights issues should be classified. In particular, based on this amendment, rights, options or warrants to acquire a fixed number of the entity's own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. This amendment is not relevant to the Group.

IFRIC 19 "Extinguishing Financial Liabilities with Equity Instruments"

This interpretation addresses the accounting by the entity that issues equity instruments to a creditor in order to settle, in full or in part, a financial liability. This interpretation is not relevant to the Group.

IFRIC 14 (Amendment) "The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction"

The amendments apply in limited circumstances: when an entity is subject to minimum funding requirements and makes an early payment of contributions to cover those requirements. The amendments permit such an entity to treat the benefit of such an early payment as an asset. This interpretation is not relevant to the Group.

Amendments to standards that form part of the IASB's 2010 annual improvements project

The amendments set out below describe the key changes to IFRSs following the publication in May 2010 of the results of the IASB's annual improvements project. Unless otherwise stated the following amendments do not have a material impact on the Group's financial statements.

IFRS 3 "Business Combinations"

The amendments provide additional guidance with respect to: (i) contingent consideration arrangements arising from business combinations with acquisition dates preceding the application of IFRS 3 (2008); (ii) measuring non-controlling interests; and (iii) accounting for share-based payment transactions that are part of a business combination, including un-replaced and voluntarily replaced share-based payment awards.

IFRS 7 "Financial Instruments: Disclosures"

The amendments include multiple clarifications related to the disclosure of financial instruments.

IAS 1 "Presentation of Financial Statements"

The amendment clarifies that entities may present an analysis of the components of other comprehensive income either in the statement of changes in equity or within the notes.

IAS 27 "Consolidated and Separate Financial Statements"

The amendment clarifies that the consequential amendments to IAS 21, IAS 28 and IAS 31 resulting from the 2008 revisions to IAS 27 are to be applied prospectively.

IAS 34 "Interim Financial Reporting"

The amendment places greater emphasis on the disclosure principles that should be applied with respect to significant events and transactions, including changes to fair value measurements, and the need to update relevant information from the most recent annual report.

IFRIC 13 "Customer Loyalty Programmes"

The amendment clarifies the meaning of the term 'fair value' in the context of measuring award credits under customer loyalty programmes.

Standards and Interpretations effective from periods beginning on or after 1 January 2012

IFRS 7 (Amendment) "Financial Instruments: Disclosures" – transfers of financial assets (effective for annual periods beginning on or after 1 July 2011)

This amendment sets out disclosure requirements for transferred financial assets not derecognised in their entirety as well as on transferred financial assets derecognised in their entirety but in which the reporting entity has continuing involvement. It also provides guidance on applying the disclosure requirements. This amendment has not yet been endorsed by the EU.

IAS 12 (Amendment) "Income Taxes" (effective for annual periods beginning on or after 1 January 2012)

The amendment to IAS 12 provides a practical approach for measuring deferred tax liabilities and deferred tax assets when investment property is measured using the fair value model in IAS 40 "Investment Property". This amendment has not yet been endorsed by the EU.

IFRS 9 "Financial Instruments" (effective for annual periods beginning on or after 1 January 2013)

IFRS 9 is the first Phase of the Board's project to replace IAS 39 and deals with the classification and measurement of financial assets and financial liabilities. The IASB intends to expand IFRS 9 in subsequent phases in order to add new requirements for impairment and hedge accounting. The Group is currently investigating the impact of IFRS 9 on its financial statements. The Group cannot currently early adopt IFRS 9 as it has not been endorsed by the EU. Only once approved will the Group decide if IFRS 9 will be adopted prior to 1 January 2013.

IFRS 13 "Fair Value Measurement" (Effective for annual periods beginning on or after 1 January 2013)

IFRS 13 provides new guidance on fair value measurement and disclosure requirements. These requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs. IFRS 13 provides a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. Disclosure requirements are enhanced and apply to all assets and liabilities measured at fair value, not just financial ones. This standard has not yet been endorsed by the EU.

Group of standards on consolidation and joint arrangements (effective for annual periods beginning on or after 1 January 2013)

The IASB has published five new standards on consolidation and joint arrangements: IFRS 10, IFRS 11, IFRS 12, IAS 27 (amendment) and IAS 28 (amendment). These standards are effective for annual periods beginning on or after 1 January 2013. Earlier application is permitted only if the entire "package" of five standards is adopted at the same time. These standards have not yet been endorsed by the EU. The Group is in the process of assessing the impact of the new standards on its consolidated financial statements. The main provisions are as follows:

IFRS 10 "Consolidated Financial Statements"

IFRS 10 replaces all of the guidance on control and consolidation in IAS 27 and SIC 12. The new standard changes the definition of control for the purpose of determining which entities should be consolidated. This definition is supported by extensive application guidance that addresses the different ways in which a reporting entity (investor) might control another entity (investee). The revised definition of control focuses on the need to have both power (the current ability to direct the activities that significantly influence returns) and variable returns (can be positive, negative or both) before control is present. The new standard also includes guidance on participating and protective rights, as well as on agency / principal relationships.

IFRS 11 "Joint Arrangements"

IFRS 11 provides for a more realistic reflection of joint arrangements by focusing on the rights and obligations of the arrangement, rather than its legal form. The types of joint arrangements are reduced to two: joint operations and joint ventures. Proportional consolidation of joint ventures is no longer allowed. Equity accounting is mandatory for participants in joint ventures. Entities that participate in joint operations will follow accounting much like that for joint assets or joint operations today. The standard also provides guidance for parties that participate in joint arrangements but do not have joint control.

IFRS 12 "Disclosure of Interests in Other Entities"

IFRS 12 requires entities to disclose information, including significant judgments and assumptions, which enable users of financial statements to evaluate the nature, risks and financial effects associated with the entity's interests in subsidiaries, associates, joint arrangements and unconsolidated structured entities. An entity can provide any or all of the above disclosures without having to apply IFRS 12 in its entirety, or IFRS 10 or 11, or the amended IAS 27 or 28.

IAS 27 (Amendment) "Separate Financial Statements"

This Standard is issued concurrently with IFRS 10 and together, the two IFRSs supersede IAS 27 "Consolidated and Separate Financial Statements". The amended IAS 27 prescribes the accounting and disclosure requirements for investment in subsidiaries, joint ventures and associates when an entity prepares separate financial statements. At the same time, the Board relocated to IAS 27 requirements from IAS 28 "Investments in Associates" and IAS 31 "Interests in Joint Ventures" regarding separate financial statements.

IAS 28 (Amendment) "Investments in Associates and Joint Ventures"

IAS 28 "Investments in Associates and Joint Ventures" replaces IAS 28 "Investments in Associates". The objective of this Standard is to prescribe the accounting for investments in associates and to set out the requirements for the application of the equity method when accounting for investments in associates and joint ventures, following the issue of IFRS 11.

There are no other new standards or amendments to standards, which are obligatory for financial years that begin during current year.

3. Segment information

Primary reporting format – business segments

The Group is organised into two business segments:

• (1) Real Estate
• (2) Marine services

Management monitors the operating results of the divisions separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated

Condensed interim financial statements

31 March 2011

based on sales, operating results and EBITDA (Earnings before interest, tax, depreciation and amortization). It is noted that the Group applies the same accounting policies as those in the financial statements in order to measure the operating segment's results. Group financing, including finance costs and finance income, as well as income taxes are measured on a group basis and are included in corporate segment without being allocated to the profit generating segments.

Transfer prices between operating segments are on an arm's length basis in a manner similar to transactions with third parties.

The segment results for the three month period ended 31 March 2011 were as follows:

Continuing operations (all amounts in € thousands)	Real Estate	Marine Services	Total
Total revenue	17.323	2.905	20.228
Inter-segment revenue	(17)	-	(17)
Revenue from third parties	17.337	2.874	20.211
EBIDTA	10.774	(524)	10.251

The segment results for the nine month period ended 31 March 2010 were as follows:

Continuing operations (all amounts in € thousands)	Real Estate	Marine Services	Total
Total revenue	17.356	2.882	20.238
Inter-segment revenue	(45)	-	(45)
Revenue from third parties	17.319	2.874	20.193
EBIDTA	11.647	76	11.724
Total assets	Real Estate	Marine Services	Total
31 March 2011	983.081	51.395	1.034.476
31 December 2010	988.203	48.588	1.036.791
31 March 2010	1.085.339	52.618	1.137.957
Total assets reconciliation

A reconciliation of the Group's total adjusted EBITDA to total profit after income tax is provided as follows:

Adjusted EBITDA for reportable segments	31.3.2011	31.3.2010
EBIDTA	10.251	11.724
Corporate overheads	(1.651)	(2.066)
Depreciation	(630)	(579)
Dividends	3.422	3.419
Share of profit of associates	308	659
Finance income	998	1.037
Finance costs	(5.769)	(5.474)
Profit before income tax	6.928	8.719
Income tax expense	(1.435)	(1.536)
Profit for the period	5.493	7.183

Reportable segments' assets are reconciled to total assets as follows:

	31 March 2011 31 December 2010		31 March 2010
Total segment assets	1.034.476	1.036.791	1.137.957
Deferred income tax assets	820	972	440
Available-for-sale financial assets	58.089	53.586	59.924
Total assets per balance sheet	1.093.385	1.091.348	1.198.321

4. Investment property

	GROUP		COMPANY
all amounts in € thousands	31.03.2011	31.12.2010	31.03.2011	31.12.2010
Balance at 1 January	643.580	675.189	1.840	1.840
Additions resulting from subsequent expenditure	-	637	-	-
Increase in joint ventures shareholdings	-	3.802	-	-
Transfer from inventories	-	330	-	-
Fair value losses	-	(36.377)	-	-
Balance at 31 March	643.580	643.580	1.840	1.840

Group's investment property is revalued by independent professional valuers at semi-annual basis ("SAVILLS HELLAS Ltd"). Valuations are based primarily on discounted cash flow projections due to the absence of sufficient current prices for an active market. In the other interim three-month periods, the revaluation is based on Management estimations taking the existing market conditions at the reporting period into account.

The investment property includes property under finance lease that amounts to €10,5m and property under operating lease that amounts to €291,4m.

Bank borrowings are secured with mortgages on "The Mall Athens", associate's "Lamda Olympia Village SA" investment property, which amount to €336m (note 14). The Group's proportion on the above mortgages amounts to €193,2m.

In relation to the mortgages on property, refer to note 14.

5. Property, plant and equipment

all amounts in € thousands	Land and buildings	Vehicles and machinery	Furniture, fittings and equipment	Software	Assets under construction	Total
GROUP - Cost
1 Janouary 2010	32.026	11.824	4.716	2.421	3.560	54.545
Increase in joint ventures shareholdings	1	5	14	-	-	20
Additions	132	187	479	51	2.121	2.970
Disposals	-	(1)	(16)	-	-	(17)
Reclassifications	5.134	533	-	-	(5.667)	-
Purchase of subsidiary	-	-	4	2	-	6
31 December 2010	37.292	12.548	5.197	2.474	12	57.524
1 January 2011	37.292	12.548	5.197	2.474	12	57.523
Additions	-	9	69	7	1	86
Write-offs	-	-	(8)	-	-	(8)
31 March 2011	37.292	12.558	5.258	2.482	13	57.602
Accumulated depreciation
1 Janouary 2010	(3.228)	(3.476)	(2.195)	(2.334)	-	(11.236)
Increase in joint ventures shareholdings	-	(2)	(7)	-	-	(10)
Depreciation charge	(1.055)	(430)	(745)	(65)	-	(2.294)
Disposals	-	1	14	-	-	14
Purchase of subsidiary	-	-	(3)	(2)	-	(6)
31 December 2010	(4.282)	(3.908)	(2.937)	(2.402)	-	(13.531)
1 January 2011	(4.282)	(3.908)	(2.937)	(2.402)	-	(13.531)
Depreciation charge	(284)	(108)	(186)	(18)	-	(598)
Disposals / Write-offs	-	-	7	-	-	7
31 March 2011	(4.568)	(4.016)	(3.115)	(2.420)	-	(14.118)
Closing net book amount at 31 December 2010	33.008	8.639	2.260	72	12	43.994
Closing net book amount at 31 March 2011	32.725	8.540	2.143	62	13	43.484

all amounts in € thousands	Land and buildings	Vehicles and machinery	Furniture, fittings and equipment	Software	Total
COMPANY - Cost
1 Janouary 2010	300	40	1.046	2.371	3.757
Additions	-	50	48	25	123 -
31 December 2010	300	90	1.094	2.396	3.881
1 January 2011	300	90	1.094	2.396	3.881
Additions	-	4	17	7	29
Disposals	-	-	(8)	-	(8)
31 March 2011	300	95	1.104	2.403	3.902
Accumulated depreciation
1 Janouary 2010	(159)	(13)	(640)	(2.294)	(3.107)
Depreciation charge	(12)	(10)	(115)	(42)	(179)
31 December 2010	(171)	(24)	(755)	(2.337)	(3.286)
1 January 2011	(171)	(24)	(755)	(2.337)	(3.286)
Depreciation charge	(3)	(3)	(29)	(11)	(46)
Disposals	-	-	7	-	7
31 March 2011	(173)	(27)	(777)	(2.347)	(3.324)
Closing net book amount at 31 December
2010	130	67	339	59	595
Closing net book amount at 31 March 2011	127	68	326	56	577

6. Intangible assets

all amounts in € thousands	Concessions and similar rights
GROUP - Cost
1 Janouary 2010	5.469
Additions	-
31 December 2010	5.469
1 January 2011	5.469
Additions	-
31 March 2011	5.469
Συσσωρευµένες αποσβέσεις
1 Janouary 2010	(1.020)
Depreciation charge	(140)
31 December 2010	(1.160)
1 January 2011	(1.160)
Depreciation charge	(35)
31 March 2011	(1.195)
Closing net book amount at 31 December 2010	4.309
Closing net book amount at 31 March 2011	4.274

In concessions and rights are included the licences for the management and the operation of the Flisvos Marina for 40 years, and are valued at historical cost less accumulated depreciation.

7. Investments in subsidiaries and associates

	COMPANY
all amounts in € thousands	31.3.2011	31.12.2010
Balance at 1 January	219.921	175.873
Increase in participations	-	1.575
Increase / decrease in share capital	1.411	41.717
Reversal of subsidiaries' impairment	-	131
Purchase / sale of subsidiary	-	625
Balance at 31 March	221.332	219.921

The Company's share of the results of its subsidiaries, joint ventures and associates, all of which are unlisted, and its share of the carrying amount are as follows:

COMPANY - 31 March 2011 (all amounts in € thousands)
------------------------------------------------------	--	--

				Country of
Name	Cost	Impairment	Carrying amount	incorporation	% interest held
LAMDA ESTATE DEVELOPMENT SA	52.654	13.164	39.490	Greece	100,00%
LAMDA PRIME PROPERTIES SA	9.272	-	9.272	Greece	100,00%
LAMDA ERGA ANAPTYXIS SA	170	-	170	Greece	100,00%
LAMDA DOMI SA	30.500	-	30.500	Greece	100,00%
LAMDA PROPERTY MANAGEMENT SA	210	-	210	Greece	100,00%
LAMDA HELLIX SA	1.240	-	1.240	Greece	80,00%
PYLAIA SA	4.035	-	4.035	Greece	100,00%
LAMDA FLISVOS HOLDING SA	10.834	2.484	8.350	Greece	61,00%
LAMDA WASTE MANAGEMENT SA	150	-	150	Greece	100,00%
GEAKAT SA	14.213	-	14.213	Greece	100,00%
MC PROPERTY MANAGEMENT SA	745	-	745	Greece	75,00%
LAMDA DEVELOPMENT SOFIA EOOD	83	-	83	Bulgaria	100,00%
LAMDA DEVELOPMENT SOUTH E.O.O.D.	3	-	3	Bulgaria	100,00%
LAMDA DEVELOPMENT VITOSHA E.O.O.D.	3	-	3	Bulgaria	100,00%
LAMDA DEVELOPMENT D.O.O. (BEOGRAD)	942	-	942	Serbia	100,00%
PROPERTY DEVELOPMENT D.O.O.	1.801	-	1.801	Serbia	100,00%
PROPERTY INVESTMENTS LTD	1	-	1	Serbia	100,00%
LAMDA DEVELOPMENT ROMANIA SRL	201	-	201	Romania	100,00%
ROBIES SERVICES LTD	1.638	-	1.638	Cyprus	90,00%
LAMDA DEVELOPMENT (NETHERLANDS) BV	72.128	-	72.128	Netherlands	100,00%
LAMDA DEVELOPMENT MONTENEGRO D.O.O.	600	-	600	Montenegro	100,00%
Investments in subsidiaries	201.421	15.648	185.773
LAMDA OLYMPIA VILLAGE SA	28.681	-	28.681	Greece	50,00%
LAMDA AKINHTA SA	4.904		4.904	Greece	50,00%
S.C. LAMDA OLYMPIC SRL	752	707	45	Romania	50,00%
Investments in joint ventures	34.337	707	33.630
ECE LAMDA HELLAS SA	204	-	204	Greece	34,00%
ATHENS METROPOLITAN EXPO ΑΕ	1.559	-	1.559	Greece	11,70%
ΜΗΤΡΟΠΟΛΙΤΙΚΟ ΚΕΝΤΡΟ ΠΕΙΡΑΙΑ ΑΕ	101	-	101	Greece	19,50%
EFG PROPERTY SERVICES SA	30	-	30	Romania	20,00%
EFG PROPERTY SERVICES SOFIA A.D.	15	-	15	Bulgaria	20,00%
EFG PROPERTY SERVICES D.O.O. BEOGRAD	20	-	20	Serbia	20,00%
Investments in associates	1.929	-	1.929
TOTAL	237.687	16.355	221.332

The Group participates in the following companies' equity:

Condensed interim financial statements

31 March 2011

GROUP - Investments in associates	31 March 2011
	Share in profit /
Name	Cost	(loss)	Carrying amount
ECE LAMDA HELLAS SA	204	745	949	Greece	34,00%
ATHENS METROPOLITAN EXPO ΑΕ	1.559	-	1.559	Greece	11,67%
ΜΗΤΡΟΠΟΛΙΤΙΚΟ ΚΕΝΤΡΟ ΠΕΙΡΑΙΑ ΑΕ	101	-	101	Greece	19,50%
EFG PROPERTY SERVICES SA	30	39	69	Romania	20,00%
EFG PROPERTY SERVICES SOFIA A.D.	15	360	375	Bulgaria	20,00%
EFG PROPERTY SERVICES D.O.O. BEOGRAD	20	170	190	Serbia	20,00%
S.C. LAMDA MED SRL	0,5	1.478	1.478	Romania	40,00%
TOTAL	1.930	2.792	4.722

During the period ended 31 March 2011 the following significant events have occurred:

Share capital increase

The Company increased its participation in the subsidiaries "LAMDA Development Netherlands BV", "Property Development DOO", "LAMDA Development DOO Beograd", "GEAKAT SA" and "LAMDA Flisvos Holding SA" by €0,7m, €0,3m, €0,3m, €0,2m and €0,1m respectively.

The Group's composition on March 31, 2011 is as follows:

			% Participation of the parent				% Participation of the parent
			company				company
Company LAMDA Development SA			Parent company	Company
Full consolidation
LAMDA Estate Development SA	Greece		100,00%	LAMDA Development Vitosha EOOD	Bulgaria		100,00%
KRONOS PARKING SA	Greece	Indirect	100,00%	TIHI EOOD	Bulgaria	Indirect	100,00%
LAMDA Prime Properties SA	Greece		100,00%	LAMDA Development (Netherlands) BV	Netherlands		100,00%
PYLAIA SA	Greece		100,00%	Robies Services Ltd	Cyprus		90,00%
LAMDA Flisvos Holding SA	Greece		61,00%
LAMDA Flisvos Marina SA	Greece	Indirect	47,11%	Proportionate consolidation
LAMDA Erga Anaptyxis SA	Greece		100,00%	LAMDA Olympia Village SA	Greece		50,00%
LAMDA Domi SA	Greece		100,00%	LAMDA Akinhta SA	Greece		50,00%
LAMDA Property Management SA	Greece		100,00%	LAMDA Redding Contracting Consortium	Greece	Indirect	50,00%
LAMDA Hellix SA	Greece		80,00%	Singidunum-Buildings DOO	Serbia	Indirect	50,00%
LAMDA Waste Management SA	Greece		100,00%	SC LAMDA Olympic SRL	Romania		50,00%
GEAKAT SA	Greece		100,00%	GLS OOD	Bulgaria	Indirect	50,00%
MC Property Management SA	Greece		100,00%	S.L. Imobilia DOO	Croatia	Indirect	50,00%
LAMDA Development DOO Beograd	Serbia		100,00%
Property Development DOO	Serbia		100,00%	Equity consolidation
Property Investments DOO	Serbia		100,00%	ECE LAMDA HELLAS SA	Greece		34,00%
LAMDA Development Montenegro DOO	Montenegro		100,00%	ATHENS METROPOLITAN EXPO SA	Greece		11,67%
LAMDA Development Romania SRL	Romania		100,00%	Piraeus Metropolitan Center SA	Greece		19,50%
Robies Proprietati Imobiliare SRL	Romania	Indirect	90,00%	SC LAMDA MED SRL	Romania	Indirect	40,00%
SC LAMDA Properties Development SRL	Romania	Indirect	95,00%	EFG PROPERTY SERVICES SA	Romania		20,00%
LAMDA Development Sofia EOOD	Bulgaria		100,00%	EFG PROPERTY SERVICES DOO BEOGRAD	Serbia		20,00%
LAMDA Development South EOOD	Bulgaria		100,00%	EFG PROPERTY SERVICES SOFIA AD	Bulgaria		20,00%

8. Available-for-sale financial assets

	GROUP		COMPANY
all amounts in € thousands	31.3.2011	31.12.2010	31.3.2011	31.12.2010
Balance at 1 January	53.586	70.177	53.586	70.177
Additions	-	3.212	-	3.212
Reserves from revaluation recognised directly in equity	4.503	(19.803)	4.503	(19.803)
Balance at 31 March	58.089	53.586	58.089	53.586

The total amount of available-for-sale financial assets refers to 9.005.987 shares (31/12/2010: 9.005.987 shares) of the listed company Eurobank Properties R.E.I.C., which have been revaluated at

31 March 2011

fair value at 31/3/2011 and 31/12/2010 and the profit / (loss) has been transferred to the relevant reserves in equity.

In relation to the evaluation of the above mentioned financial assets, no impairment loss has been transferred from the relevant reserves to the income statement, as there is no such indication to the investment at 31/3/2011 and 31/3/2010.

9. Derivative financial instruments

		GROUP				COMPANY
		31.3.2011		31.12.2010		31.3.2011		31.12.2010
all amounts in € thousands	Assets	Liabilities	Assets	Liabilities	Assets	Liabilities	Assets	Liabilities
Interest rate swaps - fair value hedges	1	-	1	-	-	-		- -
Interest rate swaps - cash flow hedges	-	1.198	-	3.440	-	173		- 939
Total	1	1.198	1	3.440	-	173		- 939
Non-current	1	623	1	2.358	-	173		- 939
Current	-	575	-	1.082	-	-		- -
Total	1	1.198	1	3.440	-	173	-	939

The above mentioned derivative financial instruments refer to interest rate swaps.

The total fair value of the derivative financial instrument is presented in the balance sheet as long-term liability since the remaining duration of the loan agreement which is hedged, exceeds the 12 months.

The movement in fair value is related to the effective portion of the cash flow hedge and is recognised in special reserves in equity. The effectiveness test of the cash flow hedges is based on discounted cash flows according to the forward rates (3-month Euribor) and the their volatility rating.

The nominal value of interest rate swaps in abeyance at 31/3/2011 was €155,75m and has been measured at fair value stated by the counterpart bank. The swaps have been valuated at fair value which was estimated by the counterparty. On 31/3/2011 the long-term borrowings floating rates are secured with interest risk derivatives (swaps) ranged according to 3 month Euribor plus 1,39%.

The maximum exposure to credit risk at the reporting date is the fair value of the derivative assets in the balance sheet.

10. Cash and cash equivalents

all amounts in € thousands	GROUP		COMPANY
	31.3.2011	31.12.2010	31.3.2011	31.12.2010
Cash at bank	20.717	18.777	2.061	825
Cash in hand	187	326	4	6
Short-term bank deposits	123.546	131.180	72.745	78.263
Total	144.450	150.283	74.811	79.094

The above comprise the cash and cash equivalents used for the purposes of the cash flow statement.

11. Borrowings

		GROUP
all amounts in € thousands	31.3.2010	31.12.2010	31.3.2010	31.12.2010
Non-current
Bank borrowings	26.302	26.302	-	-
Bond borrowings	534.400	536.501	220.000	220.000
Finance lease liabilities	8.004	8.234	-	-
Total non-current	568.706	571.037	220.000	220.000
Current
Bank borrowings	90	95	-	-
Bond borrowings	12.230	11.504	-	-
Finance lease liabilities	959	919	-	-
Total current	13.279	12.518	-	-
Total borrowings	581.985	583.556	220.000	220.000

The movements in borrowings are as follows:

12 months ended 31 December 2010 (amounts in € thousands)	GROUP	COMPANY
Balance at 1 January 2010	607.601	235.000
Increase in joint ventures shareholdings	1.926	-
Borrowings transaction costs - amortization	466	-
Borrowings repayments	(25.538)	(15.000)
Currency translation differences	12	-
Finance lease repayments	(910)	-
Balance at 31 December 2010	583.556	220.000
3 months ended 31 Μαρτίου 2011 (amounts in € thousands)	GROUP	COMPANY
Balance at 1 January 2011	583.556	220.000
Borrowings transaction costs - amortization	119	-
Borrowings repayments	(1.499)	-
Finance lease repayments	(190)	-
Balance at 31 March 2011	581.985	220.000

Borrowings are secured with mortgages on the Group's land and buildings (note 4 and 5) and in certain cases by additional pledges of parent company's shares and by assignment of subsidiaries' receivables and insurance compensations.

The maturity of non-current borrowings is as follows:

	GROUP	COMPANY
all amounts in € thousands	31.3.2010	31.12.2010	31.3.2010	31.12.2010
Between 1 and 2 years	138.112	88.389	125.000	75.000
Between 2 and 5 years	329.130	380.276	95.000	145.000
Over 5 years	101.465	102.372	-	-
	568.708	571.037	220.000	220.000

Parts of the borrowings that are assigned to subsidiaries are secured with assignment of receivables.

The effective weighted average interest rates at March 31, 2011 are as follows:

	GROUP	COMPANY
Current bank borrowings	2,36%	0,00%
Non-current bank borrowings	5,48%	0,00%
Current bond borrowings	3,88%	0,00%
Non-current bond borrowings	3,97%	3,35%

31 March 2011

By taking into account the participation interest held of each company, it is noted that on 31/3/2011, the average base effective interest rate that the Group is borrowed is 2.35% and the average bank spread is 1.67%. Therefore, the Group total effective borrowing rate is 4.01%.

The Company loans have to fulfil the following financial covenants: at Company level (issuer) the total borrowings (current and non-current) to total equity should not exceed 1.5 and at Group level the total borrowings to total equity should not exceed 3. There has been no change to the above mentioned financial covenants and the Company and the Group fulfil them as in the last reporting period.

Finance leases

		GROUP	COMPANY
all amounts in € thousands	31.3.2010	31.12.2010	31.3.2010	31.12.2010
Finance lease liabilities- minimum lease payments
Not later than 1 year	1.189	1.141	-	-
Later than 1 year but not later than 5 years	4.544	4.534	-	-
Over 5 years	4.280	4.561	-	-
Total	10.014	10.236	-	-
Less: Future finance charges on finance leases	(1.051)	(1.083)	-	-
Present value of finance lease liabilities	8.963	9.153	-	-

The present value of finance lease liabilities is analyzed as follows:

all amounts in € thousands	31.3.2010	31.12.2010	31.3.2010	31.12.2010
Not later than 1 year	959	919	-	-
Later than 1 year but not later than 5 years	3.911	3.885	-	-
Over 5 years	4.093	4.349	-	-
Total	8.963	9.153	-	-

12. Cash generated from operations

		GROUP		COMPANY
all amounts in € thousands	Note	1.1.2011 to 31.3.2011	1.1.2010 to 31.3.2010	1.1.2011 to 31.3.2011	1.1.2010 to 31.3.2010
Profit for the period from continuing operations		5.493	7.183	1.740	2.189
Adjustments for:
Tax		1.435	1.536	347	48
Depreciation of property, plant and equipment	5	595	544	46	42
Depreciation of intangible assets	6	35	35	-	-
Provisions for bad debts		711	-	-	-
Share of profit of associates	7	(308)	(659)	-	-
Proceeds from dividends		(3.422)	(3.419)	(3.422)	(3.419)
Interest income		(998)	(1.037)	(2.114)	(2.095)
Interest expense		5.769	5.492	1.825	1.450
Other non cash income / (expense)		89	304	-	-
		9.399	9.980	(1.579)	(1.785)
Changes in working capital:
(Increase) / Decrease in inventories		(146)	164	-	-
(Increase) / decrease in receivables		(2.339)	(498)	404	(492)
Decrease in payables		(4.699)	(6.005)	(499)	(1.404)
		(7.184)	(6.338)	(96)	(1.896)
Cash generated from operations		2.215	3.642	(1.674)	(3.682)

13. Commitments

Capital commitments

There is no capital expenditure that has been contracted for but not yet incurred at the balance sheet date.

Operating lease commitments

The Group leases tangible assets, land, buildings, vehicles and mechanical equipment under operating leases. Total future lease payments under operating leases are as follows:

	GROUP		COMPANY
all amounts in € thousands	31.3.2011	31.12.2010	31.3.2011	31.12.2010
No later than 1 year	18.859	18.676	963	948
Later than 1 year and not later than 5 years	80.756	80.169	3.873	3.830
Later than 5 years	923.632	928.922	5.266	5.516
Total	1.023.247	1.027.767	10.102	10.293

The Group has no contractual liability for investment property repair and maintenance services.

14. Contingent liabilities and assets

The Group and the Company have contingencies in respect of bank guarantees, other guarantees and other matters arising in the ordinary course of business, for which no significant additional burdens are expected to arise as follows:

	GROUP		COMPANY
	31.3.2011	31.12.2010	31.3.2011	31.12.2010
Liabilities (all amounts in € thousands)
Letters of guarantee to creditors	26.372	26.372	345	345
Letters of guarantee to customers securing contract performance	356	356	-	-
Mortgages over land & buildings	193.200	193.200	-	-
Guarantees to banks on behalf of subsidiaries	1.599	1.599	24.659	24.659
Other	35.595	35.770	35.593	35.593
Total	257.122	257.298	60.596	60.596

Other Liabilities include pledged shares of subsidiaries. According to the terms of the pledge, the assigned right of the pledge extends to the potential revenues of such shares.

In addition to the issues mentioned above there are also the following particular issues:

• The Company has been audited by tax authorities until the year 2008. For further information regarding the Group's unaudited fiscal years refer to note 17. As a result, the Group's tax obligations have not been defined permanently.
• At the subsidiary company LAMDA Olympia Village (ex DIMEPA) a property transfer tax of €9,8m approximately has been imposed. The Company has appealed to the administrative courts, paying during 2005 €836k, €146k approximately during 2006 and €27k during 2007 (which is included in Deposits and Other Debtors). The estimate of the management is that the imposal of the income tax is without base due to the special law provisions on the law for Olympic works. In any case, if the outcome of the case is negative, according to the share sale agreement between the Municipality of Amaroussion and the Company, the total obligation will be on the Municipality, as it relates to transfers of properties before the acquisition of the shares of the subsidiary by the Company.
• There are disagreements between Company's subsidiary "PYLEA SA" and the constructing company "MHXANIKH SA", concerning the evaluation of constructing company's works at the trading center of "PYLEA SA", the imposition of penalties due to "MHXANIKH SA" partial and final delay of the undertaken project's completion, and the compensation that "PYLEA SA" is entitled to receive because of working imperfection / deficiency for

Condensed interim financial statements

31 March 2011

"MHXANIKH SA". Both parties have filed actions and counter-actions, which were jointly heard on 01.04.2009, after a postponement of 02.04.2008. The amount of the total receivables of "PYLEA SA" against "MHXANIKH SA" is €18.340m (out of which €2m regards moral damage) while "MHXANIKH SA" requests the amount of €34.755m (out of which €10m regards moral damage). Despite the ruling of the Athens Multimember 1st Instance Court, whereby the actions of "PYLEA SA" were rejected, the Company's legal counsel believes that the substantiated claims of "PYLEA S.A." against "MICHANIKI S.A." significantly exceed the counterclaims of the latter against "PYLEA S.A.". For this reason, "PYLEA S.A." has filed an appeal against said ruling.

• In respect of the Company's subsidiary «LAMDA Flisvos Marina S.A.", three petitions for annulment are pending before the State Council, concerning the approval of the environmental terms for the expansion and refurbishment of the Flisvos Marina, as well as the ministerial decision, whereby the existing harbor basin was delineated. The first two petitions were heard on 04.03.2009, while the hearing for the third petition has not been heard yet. The Company expects a favorable outcome in respect of these cases.
• Five (5) petitions of annulment have been filled and are pending before the State Council for the subsidiary company "LAMDA Olympia Village SA", in relation to the plot of land where the Olympic Press Village (or "Olympiako Chorio Typou") and the Commercial Centre "The Mall Athens" were built. More specifically: the first of these petitions was heard on 03.05.2006 and the decision no 391/2008 of the Fifth Department of the State Council was issued committing for the Plenary Session of the State Council. Further to successive postponements the case was heard on 5.3.2010 and the Council of State, in plenary session, issued the Decision No. 4076/2010 on 16.12.2010, with which it decided to adjourn further the hearing of the petition of annulment until the issuance of a decision by the ACC in another case, which raised, in the opinion of the Council of State, such legal issues as those considered in the petition of annulment. The hearing of the second petition has been set, further to postponements, for the 8.6.2011 while the hearing for the remaining three petitions has been set for 14.2.2012 (again, further to successive postponements). The outcome of the cases relating to the second, third, fourth and fifth petition for repeal depends largely on the content of the decision under issuance by the Council of State, in plenary session, with regards to the first petition of annulment.
• In respect of the subsidiary company "LAMDA Domi SA", one petition is pending which contest the validity of the original building permit for the erection of the International Broadcasting Centre and of the permit for demolishing and strengthening of the building structure of the main part of the International Broadcasting Centre. The hearing of the petition has been set, further to postponements, for 7.6.2011, further to postponements.
• According to the legal counsels who represent the company in these cases, if the State Council upholds its jurisprudence to date the aforementioned petitions are not expected to be accepted.

Additionally, there are various legal cases of the Group's companies, which are not expected to create material additional liabilities.

15. Related party transactions

In Group's related parties, apart from the ones related to it, Group "EFG Eurobank Ergasias SA" is included.

The following transactions were carried out with related parties:

	GROUP		COMPANY
all amounts in € thousands	1.1.2011 to 31.3.2011	1.1.2010 to 31.3.2010	1.1.2011 to 31.3.2011	1.1.2010 to 31.3.2010
i) Sales of goods and services
- sales of services	762	657	266	281
	762	657	266	281

Condensed interim financial statements

31 March 2011

ii) Purchases of goods and services
- purchases of services	808	1.412	264	257
	808	1.412	264	257
iii) Dividend income	3.422	3.419	3.422	3.419
iv) Benefits to management
- salaries and other short-term employment benefits	78	200	78	200
	78	200	78	200
v) Period end balances from sales-purchases of goods / servises
all amounts in € thousands	GROUP 31.3.2011	31.12.2010	COMPANY 31.3.2011	31.12.2010
Receivables from related parties:
- parent	27	62	-	-
- associates	113 140	100 163	322 322	570 570
Receivables from dividends from related parties:
- parent	3.422 3.422	- -	3.422 3.422	- -
Payables to related parties:
- parent	-	1	-	-
- associates	392	1.844	7	9
	392	1.845	7	9
vi) Loans to associates:
Balance at the beginning of the period	2.720	2.747	85.933	81.107
Loans given during the period	-	-	-	5
Loans repaid during the period	-	(190)	-	(379)
Exchange translation differences	(4)	36	-	-
Reversal of impairment	-	-	1.025	4.011
Interest charged	30	127	294	1.190
Balance at the end of the period	2.745	2.720	87.252	85.933
vii) Loans from associates:
Balance at the beginning of the period	77.849	79.373	45.196	45.172
Loans repaid during the period	(529)	(1.553)	-	-
Interest paid	(973)	(1.752)	(292)	(997)
Interest charged	1.502	1.780	281	1.021
Balance at the end of the period	77.848	77.849	45.185	45.196
viii) Cash at bank - related parties	48.942	53.099	32.806	37.025

Services from and to related parties, as well as sales and purchases of goods, are based on the price lists in force with non-related parties. The Group loans to and from related parties are included in note 11.

16. Earnings per share

Basic

Basic earnings per share are calculated by dividing profit attributable to ordinary equity holders of the parent entity, by the weighted average number of ordinary shares outstanding during the period

Continuing operations	GROUP		COMPANY
all amounts in € thousands	1.1.2011 to 31.3.2011	1.1.2010 to 31.3.2010	1.1.2011 to 31.3.2011	1.1.2010 to 31.3.2010
Profit attributable to equity holders of the Company	5.619	6.085	1.740	2.189
Weighted average number of ordinary shares in issue	40.716	40.788	40.716	40.788
Basic earnings per share (Euro per share)	0,14	0,15	0,04	0,05

Diluted

Continuing operations	GROUP		COMPANY
all amounts in € thousands	1.1.2011 to 31.3.2011	1.1.2010 to 31.3.2010	1.1.2011 to 31.3.2011	1.1.2010 to 31.3.2010
Profit used to determine dilluted earnings per share	5.619	6.085	1.740	2.189
Weighted average number of ordinary shares in issue	40.716	40.788	40.716	40.788
Adjustment for share options:
Employees share option scheme Weighted average number of ordinary shares for dilluted earnings	12	315	12	315
per share	40.727	41.104	40.727	41.104
Diluted earnings per share (Euro per share)	0,14	0,15	0,04	0,05

There were no dilutive potential ordinary shares. Therefore, the diluted earnings per share are the same as the basic earnings per share for all periods presented.

17. Fiscal years unaudited by the tax authorities

The income tax expense is based on the Management estimations of the weighted average tax rate that is expected to be applicable to profits throughout the year. Due to the increased transactions during to the ordinary course of business, the ultimate tax determination is uncertain. The Group's companies are subject to income taxes in numerous jurisdictions. In addition, the tax rate for the subsidiaries registered in foreign countries differs from country to country as follows: Romania 16%, Serbia 10%, Bulgaria 10%, Montenegro 9% and Netherlands 25.5%.

The annual weighted average tax rate for the current period has been affected by the Group results before tax which derive mainly from the Group's companies with registered offices in Greece, including the parent company. During current period, this rate presents a variation from the anticipating one due to the elements in the income statement that has significant contribution in the results before tax. These elements are basically non-taxable income (dividends), other non-offset taxes, differences due to tax rate decrease as well as period losses to be transferred, for which a provision of deferred tax has not been made.

	Fiscal years unaudited by the tax		Fiscal years unaudited by the tax
Company	authorities	Company	authorities
LAMDA Development SA	2009-2010	Property Development DOO	2010
LAMDA Olympia Village SA	2008-2010	Property Investments DOO	2008-2010
PYLAIA SA	2009-2010	LAMDA Development Romania SRL	2010
LAMDA Domi SA	2009-2010	LAMDA Development Vitosha EOOD	2007-2010
LAMDA Flisvos Marina SA	2007-2010	LAMDA Development Sofia EOOD	2006-2010
LAMDA Prime Properties SA	2005-2010	LAMDA Development South EOOD	2007-2010
LAMDA Hellix SA	2010	SC LAMDA MED SRL	2005-2010
LAMDA Estate Development SA	2010	EFG PROPERTY SERVICES SA	2005-2010
LAMDA Property Management SA	2010	EFG PROPERTY SERVICES DOO BEOGRAD	2005-2010
KRONOS PARKING SA	2010	EFG PROPERTY SERVICES SOFIA AD	2005-2010
LAMDA Erga Anaptyxis SA	2010	LAMDA Development Montenegro DOO	2007-2010
LAMDA Flisvos Holding SA	2010	LAMDA Development (Netherlands) BV	2008-2010
LAMDA Waste Management SA	2010	Robies Services Ltd	2007-2010
GEAKAT SA	2010	Robies Proprietati Imobiliare SRL	2007-2010
LAMDA Redding Contracting Consortium	2006-2010	SC LAMDA Properties Development SRL	2007-2010
ECE LAMDA HELLAS SA	2010	SC LAMDA Olympic SRL	2002-2010
MC Property Management SA	2010	Singidunum-Buildings DOO	2007-2010
ATHENS METROPOLITAN EXPO SA	2010	GLS OOD	2006-2010
Piraeus Metropolitan Center SA	2010	TIHI EOOD	2008-2010
LAMDA Akinhta SA	2010	S.L. Imobilia DOO	2008-2010
LAMDA Development DOO Beograd	2003-2010

18. Number of employees

Number of employees at the end of the period: Group 154, Company 63 (three month period ended 31 March 2010: Group 141, Company 74) from which there are no seasonal (three month period ended 31 March 2010: Group 0, Company 0).

19. Events after the balance sheet date

The Company's subsidiary Lamda Estate Development, proceeded, on 12/5/2011 to the sale of 1.314 sq. m on Othonos str, Athens for a total consideration of €6.573k. The passing yield of the investment is 7.75% annually. The purchaser company is Eurobank Properties REIC. The above-mentioned sale lies within the general frame of the Company's strategy.

There are no other events after the balance sheet date considered to be material to the financial position of the Company.

20. Seasonality

The Group activities, and consequently the turnover are not expected to be substantially influenced by seasonal fluctuations.